Just like Companies, LLP are also required to get the annual returns filed with the MCA by virtue of Limited Liability Act 2008. These annual returns are required to be furnished in specified forms and within specified duration every year, irrespective of the turnover. These returns are filed to represent statement of accounts and solvency of the LLP.
LLP’s don’t require to get the accounts audited in case their total turnover is below Rs. 40 lakhs or whether contribution of a partner is equal and above Rs. 25 lakhs.
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- Drafting of Documents
- Filing of Forms
Advantages of Filing Annual Returns
- Creditworthiness: Regular annual filing helps a corporate in increased creditworthiness, helps in raising loans and attracts investors and allows the opportunity to get the government tenders.
- Avoid Penalty: Non filing of annual compliance will attract penalty under Limited Liability Partnership Act, regular and timing filing helps in avoiding penalties.
- Maintain Active Status: Regular annual filing helps in keeping the LLP’s status active. Consecutive defaults in filing may lead the LLP declared as defunct and partners can be declared as defaulters and may be disqualified for further appointment in LLP.
- Easy Conversion or Closer: For Conversion or closer of a LLP it is required to fulfill all the pending requirements such as annual filing.
Forms to be filed as annual returns for LLP
All LLP’s registered and incorporated under Limited Liability Partnership Act 2008, has to file 2 form every year.
- Form 8: Every LLP is required to file statement of account & solvency with the ROC within 180 days of the closure of the financial year. It means that the form-8 for any financial year must be filed before 30th October. It is a declaration by the LLP to the ROC that the financial position of the LLP is sound and that it is capable of paying its liabilities or debts.
- Form 11: Every LLP is required to file its annual return within 60 days of the closure of the financial year. It means that the form 11 for the financial year must be filed before 30th May every year. Through Form 11 details of significant changes that took place in the LLP are reported to the ROC. It is mandatory even if there is no business transaction & is applicable equally to all LLP irrespective of its turnover or activities.
In case the companies are unable to file Form 8 and Form 11 before due date, they will be liable for additional fee of Rs.100.00 per day till the date of filing.
*Charges may vary as per work. Chalan Charges excluded.